Dollar remains at same high of Rs134

Dollar remains at same high of Rs134

KARACHI (Dunya News) – The rate of US dollar on Wednesday remained at the same high price of Rs134 after the rupee value dropped by 36 paisa against the greenback.

On Tuesday, the domestic currency had registered a jolt after importers demand had hit the market and exporters swayed from the session. The rupee had hit the all-time high mark of Rs136 to dollar but most of the time trade around Rs134 but at the close the currency finished at Rs133.64 level.

The slide was around 7.5 percent or 9.39 rupees, which opened the flood gate of price increase in all the domestic commodities that are dependent upon the imports

This was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.

This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, dry fruits, tea and spicestransport and vehicles.

With a sudden increase in dollar’s value there is a possible threat of inflation and economic instability.

According to economists, the value of Pakistani rupee is declining due to increased imports, low remittances, debt and interest payments.

Experts recommended to take every possible step to avoid further increase in the value of US dollar.

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